Goliath Announces Amended Property Agreements Completed
TORONTO, April 29, 2020 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (Frankfurt: B4IE) (the “Company” or “Goliath”) is pleased to announce that the previously announced transaction (please see our press release of April 14, 2020) with the J2 Syndicate has closed. An aggregate of 3.9 million units have been issued at deemed price of $0.10 to members of the J2 Syndicate in lieu of future property payments up to $390,000, which are subject to a four (4) month plus one day restriction on trading. The units consist of one common share and one common share purchase warrant, each warrant entitling the holder to purchase one common share at an exercise price of $0.15 for a five year period from the date of issuance.
In addition, the Company will be obligated to pay in respect of each property, a resource bonus to the members of the J2 Syndicate as and when a technical report made pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects shows mineral reserves (proven and probable categories) and mineral resources (measured, indicated and inferred categories) on each property of at least 2,000,000 gold equivalent ounces consisting of: i) an aggregate of 10,000,000 Goliath shares per property (for a total of 20,000,000 shares); and ii) a cash bonus of US $1 million and an additional US $1 for every gold equivalent ounce over 2,000,000 gold equivalent ounces of such property.For more information please contact:Goliath Resources Limited
Mr. Roger Rosmus
President and Chief Executive Officer
Tel: +1-416-488-2887 x222
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